Bitcoin has emerged as a leader since its emergence. At times, when people forget why BTC is at the top, the sudden price action on this digital asset proves to others why it is valued at such a high level. $65,000, which was the rejection of the previous rally in May 2021, ought to become a strong support level for Bitcoin, allowing even more trends and price movements in the coming months.
Moreover, as traditional investors search for unique investment opportunities, cryptocurrencies come up as strong alternatives for the same. Let’s talk more about the critical support, resistance, and other levels to watch for predicting further movement in BTC.
Bitcoin Price Analysis
As per our BTC price forecast, Bitcoin has been seen trending up from its $40,000 level, now showing over 60% gains in less than a month. The power of blockchain originators in the crypto world can not be challenged under such trust from BTC holders. What’s amazing is that buyers are willing to take entry into BTC even when it is valued above its previous all-time high of $64,967.
The BTC rally has been phenomenal and without any hint of weakness. Maintaining a consistent volume over the last three months with sudden spikes hasn’t made any dents in the favorable price movement to a more considerable extent. Bitcoin thus has strong swing support at $53,000, but there is a very small probability that it will be going down in the near term because of breaching its immediate all-time high. With each such retesting of the previous day low, BTC has been able to mark a huge gain in terms of market capitalization only because of more buyer interest.
Considering the rise in terms of volumes, this movement is phenomenal. Even the 200 DMA is trading around $44,000 and will be an important indicator of long-term positivity as it starts to move by the end of 2021. Such a movement will further maintain the bullish sentiment. RSI has crossed beyond the metrics to overbought zones above 75. While MACD shows the EMA of 21 and 12 days have been moving parallel adds further positive stance to this sentiment.
